I wrote on February 18, 2008... warning that this would occur...from the NY Times...
"Ex-Leaders of Countrywide Profit From Bad Loans"
http://www.nytimes.com/2009/03/04/business/04penny.html?_r=1&emc=eta1
The Housing and Economic Reform Act as well as EESA gave the Treasury
Secretary UNLIMITED, UNFETTERED authority to do with as he saw fit with the asset being purchase by the government... didn't anyone in congress read and, heaven forbid remotely understand what they were voting for... what they were giving away... this can and ought to be, but so long as there are lobbyist and campaign contributions will never be corrected...
Without proper loan modification, prior to any sale of the assets,... there will be a surge of foreclosures that may just make what we have already gone through seem like a day at the beach...
Many government official, and all of their "experts" have stated that real estate prices are still over valued and need to come down even further... but for whose benefit? I wonder which members of congress and government officials are invested in partnerships and blind funds, following in the footsteps of Stanford L. Kurland... this reeks of the RTC all over again...
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